Golem initiated a symbolic movement from GNT to GLM to become an ERC-20 ticket. We are pleased to announce that CEX.IO will support this migration. The process will be automatic and our customers do not need to take any action.
To handle the migration, we will suspend GNT deposits and withdraw funds and close Trading GNT / USD, GNT / USDT on December 11, 2020. In a few days, we will transfer GNT to GLM at a 1: 1 ratio and launch GLM trading.
So if you have GNT tokens on your CEX.IO account, you will get the same amount of new GLM tokens instead. In fact, it will be the same cryptocurrency with just another name and specific features.
ℹ️ Why is Golem migrating?
Golem migrates to a standard that is ERC-20 compliant. This is necessary for the implementation of the New Golem platform, on which the transaction framework is built on Tier 2 Ethereum.
The current Golem ticket was launched at a time when ERC-20 was not as widely adopted. These days, support for the ERC-20 standard allows the token to be used across a range of DeFi platforms and access other benefits within the Ethereum blockchain.
New ERC-20 tokens will be operational and commercial since the migration launch. However, users will only be able to use them on the Golem Mainnet after the launch of the New Golem platform.
📌 How CEX.IO will handle the migration
CEX.IO customers holding GNT need not take any steps to receive the new GLM tokens. We will cover all technical aspects of the migration for you, just keep this information in mind:
- Starting December 11, 2020, CEX.IO will stop GNT deposits, withdrawal of funds, and GNT / USD, GNT / USDT trading as we prepare to perform the migration.
- All active GNT orders will be canceled on December 15, 2020
- We will take a snapshot of all GNT balances on CEX.IO to credit the appropriate amount of GLM tokens.
- Once the migration is done, we will enable GLM deposits and withdrawals, and launch GLM / USD and GLM / USD trading.
Your GNT holdings will automatically be converted to GLM at a 1: 1 ratio once the migration is complete. That means if you had 100 GNTs on your CEX.IO account, they would turn into 100 GLM.
We are recommend canceling your GNT orders before December 11, 2020. After we close GNT trading, all pending orders will be automatically canceled. Also, make sure you update your automated trading tools, robots and apps if you are using them
🔐 Stay alert!
Please note, this migration does not constitute a split event or a sulfur program for Golem holders (GNT). Stay away from anyone who promises to double your Golem holdings with extra GLM tokens or any other way – those are scammers.
After the migration, there will be only one ticket on the market representing the same Golem project with the same circulation supply and market price.
If you have GNT on your external wallet and want to migrate them, you can deposit these funds into your CEX.IO account. We will perform the migration for you. Never send money to the wallet you do not have access to.
Stay alert and happy trading!